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Шаропатова Анастасия Викторовна, Шмелева Жанна Николаевна УПРАВЛЕНИЕ ДЕНЕЖНЫМИ ПОТОКАМИ В СЕЛЬСКОХОЗЯЙСТВЕННЫХ ...
УДК 336.64
DOI: 10.26140/anie-2019-0803-0091
УПРАВЛЕНИЕ ДЕНЕЖНЫМИ ПОТОКАМИ В СЕЛЬСКОХОЗЯЙСТВЕННЫХ ОРГАНИЗАЦИЯХ
© 2019
Шаропатова Анастасия Викторовна, кандидат экономических наук, доцент, доцент кафедры «Организация и экономика сельскохозяйственного производства» Шмелева Жанна Николаевна, кандидат философских наук, доцент, доцент кафедры «Иностранный язык» ЦМСиБ Красноярский государственный аграрный университет (660049, Россия, Красноярск, пр. Мира, 90, e-mail: shmelevazhanna@mail.ru)
Аннотация. Повышение эффективности управления денежными потоками в сельскохозяйственных организациях является актуальной проблемой в современных условиях хозяйствования, так как финансовое состояние многих из них характеризуется в настоящее время как неустойчивое. Управление денежными потоками является ключевым аспектом деятельности любого предприятия, поскольку посредством его осуществляется регулирование других сфер деятельности хозяйствующего субъекта. Сельскохозяйственные организации испытывают хроническую нехватку денежных средств, что приводит к неудовлетворительной платежеспособности, и в результате к дефициту денежных средств для расчетов с кредиторами за материальные ресурсы и оказываемые услуги, а также образованию кредиторской задолженности перед различными субъектами экономики. На примере отдельно взятого района Красноярского края (Ермаковского района), авторы выявляют общие проблемные аспекты, характерные для сельскохозяйственных предприятий; анализируют финансовое состояние предприятия ООО «Ермак»; предлагают аутсорсинг как метод совершенствования деятельности предприятия, а именно передачу организацией на основании договора определённых бизнес-процессов или производственных функций на обслуживание другой компании, специализирующейся в соответствующей области.
Ключевые слова: денежный поток, управление денежными потоками, финансы, стратегия, тактика, оптимизация, планирование, аутсорсинг.
MANAGEMENT OF CASH FLOWS IN AGRICULTURAL ORGANIZATIONS
© 2019
Sharopatova Anastasia Viktorovna, candidate of economic sciences, associate professor, docent of the department "Organization and economics of agricultural production" Shmeleva Zhanna Nickolaevna, candidate of philosophical sciences, associate professor, docent of the department "Foreign Language" Krasnoyarsk State Agrarian University (660049, Russia, Krasnoyarsk, Mira Av., 90, e-mail: shmelevazhanna@mail.ru)
Abstract. Improving the efficiency of cash flow management in agricultural organizations is an urgent problem in modern economic conditions, because the financial condition of many of them is currently characterized as unstable. Cash flow management is a key aspect of any enterprise, as it regulates other areas of the economic entity activity. Agricultural organizations are experiencing a chronic shortage of funds, which leads to poor solvency, which results in a shortage of funds for payments to creditors for material resources and services, as well as the formation of accounts payable to various economic entities. On the example of a single district of the Krasnoyarsk territory (Yermakovsky district), the authors identify common problem aspects characteristic of agricultural enterprises; analyze the financial condition of the company LLC "Yermak"; offer outsourcing as a method of improving the enterprise, namely the transfer of the organization on the basis of the contract of certain business processes or production functions to service another company specializing in the relevant field.
Keywords: cash flow, cash flow management, finance, strategy, tactics, optimization, planning, outsourcing.
The process of economic entities functioning in the market economy is provided by the movement of financial resources or cash flows. The cash flow of the organization is a community of distributed over time intervals receipts and payments of funds that occur in the course of the enterprise economic activity [1]. The definition of "cash flow" is considered in many studies of both foreign and domestic scientists-economists, such as Brighem Yu. and Gapensky L. [2], Van Horn J. K. [3], Rais T. and Kolly B. [4], Antonova A.P. [5].
Cash flow is characterized by Romanovsky V.M. as "the result of the movement of funds in the organization for a particular period of time, i.e., as the difference between cash receipts and payments for the period" [6].
In their study, Borodin A.I. and Shash N.N. note that some foreign theorists (mostly Bernstein L. A., and Brighem E.F.), use the term "cash flow" to identify the process of cash flow [7].
Such scientists as Nos V.A., Reife M.E., Uvarov S.A. proposed a more interesting level of generalization and formulation of the category "flow" - as a set of objects, perceived as a whole and existing as a process that occurs continuously at a certain time interval" [8].
The art of cash flow management of the enterprise is part of the domestic practice of management, using the rich experience of the economy. Financial management carried out by a particular enterprise is implemented through the developed financial policy, strategy and appropriate tactics. In other words, financial management involves management strategy
and tactics [9].
According to Professor Pavlova L.N. financial management is a "complex process of management of money turnover, funds, financial resources of enterprises and commercial organizations engaged in business activity" [10]. At the same time, management of financial activity of the enterprise is presented by the author as process of management of a monetary turnover. According to Rodionova V.M., the following functional elements exist in the financial management system - planning, operational management and control [11]. Proponent of this approach is Balabanov I.T., who in his research has somewhat expanded this range [12].
In the work of authors Kamenova A.V., and Adam N.A. it was noted that "the process of financial management is a sequential implementation of a series of procedures that involves the allocation of the relevant control functions" [13].
As noted by Blank I.B. "optimization of cash flows is a process of choosing the best forms of their organization in the enterprise, taking into account the conditions and characteristics of its economic activity" [14].
The integral element of activity of the agricultural enterprise is planning of monetary turnover as on its basis it is possible to judge the possible directions of development of the enterprise activity. We calculate the volume of incoming cash flow from sales of sales for the next year, using economic and statistical methods of planning. The calculation of this indicator is extremely important for planning your own
Sharopatova Anastasia Viktorovna,Shmeleva Zhanna Nickolaevna MANAGEMENT OF CASH FLOWS IN AGRICULTURAL ...
economic sceinces
activities.
Ilyin A.I. proposed modern methods of forecasting cash flows in agricultural organizations. Economic justification of cash flows by total volume is carried out by several methods [15]. These methods are based on the determination of statistical averages for previous periods and the calculation on this basis of trade turnover for the next year.
1. Method of calculating the total incoming cash flow at the average annual growth rate: price Index for the planning period - 1,1.
Let's calculate the average annual growth rate of turnover, using the raw data presented in the table 1.
Table 1 - Cash flows in LLC «Yermak»
Title Indicator, thousand rubles Growth rate,
2015 2016 2017 2015/2014 2016/2015 2017/2016
Received funds, total. 93259 139665 130331 65,00 49,76 -6,6$
including the sale of products, goods, works and services 75491 94644 85533 71,00 25,37 -9,63
Let's calculate the planned amount of cash flow in the studied enterprise.
T= l^xioo =
■ x 100 = 113,22 %
Then we find the planned incoming cash flow by the formula:
PiXTpXjx 130331 x 113,22x 1,1
Pr„I =
p„, =
100 100 pi * Tp X /u l°sso x 135,18 x 1,1
100
100
Years Growth rates of cash at comparable prices, % Conventional sign Alignment on moving average
2015 65 Ki
2016 49,76 K2 _ K, +K2 65+4976 Kl _ - ° -57,38 2 2
2017 -6,68 K3 Jh+ =-6'68 +49"76 =21,54 2 2
Years Growth rates of cash at comparable prices, % Conventional sign Alignment on moving average
2015 71 Ki
2016 25,37 K2 Xl+X2 71 4- 25,37 Ki- - - 48.19 2 2
2017 -9,63 K3 2 2
Let's calculate the planned amount of funds received. _ K2 -K-L 21,54 — 57,38
Aif =
2-1
= 35,34 1
Planned
Km = + AK = 48,19 + 35,84 = 84,03 %
Let's calculate the planned amount of cash from the sale of products:^
Planned
Pi * * 7"1VT x /^ttt 3SS33 X (100 + S9,51J X 1,1
Pr, = ■„„ = -™- = 173303 thousand rub
We will calculate the volume of incoming cash flow for the next year by economic and mathematical method with the use of a temporary (trend) model: y = a + bt.
'b" we solve the system
where y - incoming cash flow; t - time factor; a, b - equation parameters. To find the parameters "a" and of normal equations:
f = an + '> 't
Table 4 - Initial data for calculation of the model parameters
Years (t) Incoming cashflows thousand rubles (y) y*t t*
1 93259 93259 1
2 139665 279330 4
3 130331 390993 9
Et = 6 Ey= 363255 Ey*t= 763582 B2=14
- 169435 thousand rub
- 100145,45 thousand rub
2. The method of alignment of the dynamic series on the moving average.
Let's determine the planned incoming cash flow based on the alignment of the dynamic series on the moving average, for this we build table 2 and make the following calculations.
Table 2 - Initial and calculated data of the average annual growth rate of incoming cash flow as a whole
Table 3 - Initial and calculated data of the average annual growth rate of incoming cash flow from the sale of products, goods
System of equations in digital form 363255 = a + 6 763582 = 6 +4 b
To solve, each equation must be divided by the value of the coefficient for the parameter "a", i.e. the first equation by 3, and the second by 6, we obtain:
[121085 = a + 0 [127263,66 = a + 2,3B
We subtract the first equation from the second:
6178,66 = 0,33b;
from here: 61786
b = ' = 18723,2 0,3
The parameter "a" is found by substituting any of the equations of the parameter "b": 121085= a + 2 * 18723,21; a = 83639
Thus, the time model has the following form: y = 83639 + 18723,21t.
Substituting into the equation t=4 (planned year), we get the planned volume of trade turnover: Pra = 83639 + 18723,21 * 4 = 158532 (thousand rubles)
Let's plan the incoming cash flow by the method of expert assessments. The commission of 5 experts - workers of the agricultural enterprise was created. Based on the methods of planning and their own experience, the planned turnover in the amount of 15185 rubles has been calculated According to the results of the calculations we will construct the summary table of draft plan of trade turnover (table 5).
Table 5 - Plan of incoming cash flow of LLC "Yermak"
Planning methods Planned v olume o f cash flow income Including the sale of products
1 .Economic and statistical:
1.1. calculation of average annual growth rates 169485 100145,45
12.based on the dvnarruc series alignment with the moving average 263S33 178303
2. Economic and mathematical method 15S532 90632,12
3. Expert evaluation method 160500 95850
Chosen project 159516 93241,1
From the amounts received, an average is formed as the most optimal size of the planned cash flow.
Similarly, the planned cash flow for individual products can be calcUlated (table 6.)
Table 6 - Structure of production sales of LLC "Yermak", thousand rubles.
Produced goods 2015 2016 2017 Planned period
Crop production 41172 20986 7558 9220,76
Live weight, meat and meat products of cattle 6697 9906 10146 13900,02
Milk 19044 19814 27178 34516,06
In order to improve the work of the enterprise on the
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Шаропатова Анастасия Викторовна, Шмелева Жанна Николаевна УПРАВЛЕНИЕ ДЕНЕЖНЫМИ ПОТОКАМИ В СЕЛЬСКОХОЗЯЙСТВЕННЫХ ...
example of LLC "Yermak" we will develop a flexible credit policy for buyers of agricultural products, which will increase the amount of money turnover of the enterprise.
In the process of agricultural activity, all analyzed enterprises experience a constant short-term need for cash in order to purchase raw materials, pay for fuel, and provide a deferral to buyers. This requires working capital (own working capital). The importance of working capital for the economy is that it is considered to be one of the main sources of coverage of the current needs for financing of current assets. The reduction in the average duration of turnover of all working capital expresses the economic content of current financial needs (CFN).
On the example of LLC "Yermak" we will determine the current financial needs of enterprises.
Table 7 - Determination of the current financial needs of LLC "Yermak", thousand rubles.
Indicator Beginning of the year
2015 2016 2017
1. Amount of short-term liabilities 91754 108354 95538
including:
borrowed funds 12600 0 413
creditor indebtedness 79154 108354 102276
2. Value of current assets, total 103191 129057 102276
including:
stock 79155 93240 70185
debtor indebtedness 23893 31300 28256
monetary funds (MF) 143 4517 3835
3. Availability of own working capital (OWC) 11437 20703 4957
4. Current financial needs (CFN) 23894 16186 4989
5. Potential cash surplus (deficit) -12457 4517 3422
6. Real cash surplus (deficit) 143 4517 3835
LLC "Yermak" has its own working capital, but it is not enough to cover the current financial needs in 2015 and 2017, so there is a shortage of funds. This lack is covered by the company, attracting short-term loans of a commercial Bank (OJSC "Rosselkhozbank"), but attracts them in an amount that exceeds the need. In 2017, the current financial need was covered with credit money and own working capital.
The existing sales channels at the company "Yermak" are quite effective, the quality of products is at a high level, but at the same time there are reserves to improve the efficiency of sales and search for new sales channels.
On the basis of the above mentioned problems, it can be concluded that the company does not effectively manage its financial resources, and, consequently, the economy as a whole. This is due to the fact that the company does not have a flexible credit policy.
For the investigated enterprise it is offered to develop trade of production on the basis of flexible credit policy that is to involve as much as possible number of buyers into the trade activity, and for effective work of the enterprise in this direction the provision with money is necessary. To a large extent sources of the formation determine the effectiveness of working capital. The establishment of an optimal ratio between own and attracted funds, due to the specific features of the circulation of funds in a particular economic entity is an important task of the company.
In this regard, the growth of efficiency will be significantly affected by the introduction of flexible credit policy towards customers.
That is, the development of a discount system is based on the credit policy of the enterprise. LLC "Yermak" has regular buyers of production; however, for attraction of new consumers the new flexible credit policy which will allow to attract new customers on favorable terms is necessary.
Thus, sales activity is one of the key for the agricultural organization, the essence of which is to ensure profitable work. The effectiveness of the marketing activities of an agricultural organization depends not only on its organization, but also on the state regulation of the agricultural market.
For agricultural enterprises of Yermakovsky district several common problem aspects are characteristic:
• lack of qualified personnel in financial planning;
• problems of sales of products of enterprises, and the lack of qualified specialists that leads to inefficient use of funds;
• problems of interaction between structural units of
enterprises, as well as the lack of relationships between enterprises of the district, which has a negative impact on sales, revenue and, accordingly, to reduce the volume of cash flows of enterprises.
In this regard, outsourcing is offered as the method of improvement for the agricultural enterprises of Yermakovsky district. Outsourcing is the transfer of certain business processes or production functions to another company, specializing in the relevant field, by an organization on the basis of a contract [16]. It is proposed to outsource three areas of activity that are associated with the organization of cash flows of enterprises in the agricultural sector:
1) Financial planning of trade turnover of agricultural enterprises;
2) Development of measures to increase the productivity of animal husbandry by increasing the productivity of animals, living conditions;
3) Creation of a sales unit for all enterprises of the Yermakovsky district, which would be responsible for the sales function and the development of a flexible credit policy.
Unlike services and support services, which have a one-time, episodic, random nature, outsourcing is usually transferred to the functions of professional support for the smooth operation of individual systems and infrastructure on the basis of a long contract (at least 1 year), which is a distinctive feature of outsourcing from other forms of service [17].
Experts noted that using outsourcing in agriculture enterprises significantly increase their efficiency, because in terms of organizational development and equipment with modern technology, as well as investment opportunities, agricultural enterprises lag far behind industrial enterprises and service companies. The introduction of outsourcing allows agricultural enterprises to gain access to the resources that outsourcers have without significant costs [18].
Conclusion
The performed calculations of the planned volume of cash flows allow us to assert that even under the pessimistic scenario, LLC "Yermak" can establish a discount for regular customers, since a flexible credit policy will lead to a reduction in the accounts receivable of LLC "Yermak" by stimulating its debtors to pay for the sold products faster. The specified actions lead to increase of efficiency of activity of the enterprise as a whole.
Under the new flexible credit policy, it is proposed to find additional distribution channels. To implement these measures, the company does not have its own funds, and loans can aggravate the situation in the enterprise. In this regard, the studied enterprises should seek support (including organizational and information) of the administration of the Yermakovsky district. With the help of administrative resources, agricultural enterprises will be able to find new markets in the center of the Krasnoyarsk territory due to a flexible credit policy.
It should be noted that all the proposed activities can be implemented on the basis of the singled-out unit-outsourcer at the LLC "Yermak". The division will employ highly qualified specialists who will analyze the market in order to attract solvent buyers, establish contacts in the market, and promote the products of enterprises of the Yermakovsky district to the market of the Krasnoyarsk territory and Khakassia. The outsourcer will plan the key performance indicators of the enterprises, including the incoming cash flows of the enterprise. This work will help to make the most substantiated decisions in the commercial sphere and improve the cash flows of enterprises.
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Статья поступила в редакцию 15.05.2019 Статья принята к публикации 27.08.2019
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